TSS, Inc. 4
4 · TSS, Inc. · Filed Apr 12, 2017
Insider Transaction Report
Form 4
TSS, Inc.TSSI
Penver John K
Chief Financial Officer
Transactions
- Disposition to Issuer
Employee Stock Option
2017-04-10−200,000→ 0 totalExp: 2024-08-29→ Common Stock (200,000 underlying) - Award
Employee Stock Option
2017-04-10+300,000→ 300,000 totalExercise: $0.10Exp: 2024-01-14→ Common Stock (300,000 underlying)
Footnotes (2)
- [F1]The exercise price is equal to the average of the high and low bid prices for the Issuer's common stock reported daily on the OTCQB marketplace during the 20 trading days following August 29, 2014.
- [F2]The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on August 29, 2014, and provided that the option would become exercisable in installments as follows: 100,000 shares would vest when the fair market value of the Issuer's common stock was at least $2.00 for 20 consecutive business days, and 100,000 shares would vest when the fair market value of the Issuer's common stock was at least $3.00 for 20 consecutive business days. The replacement option provides that the option will become exercisable in installments as follows: 150,000 shares will vest on April 10, 2018, and 150,000 shares will vest on April 10, 2019. The option continues to be immediately exercisable upon the occurrence of a change in control of the Issuer.